南都讯 记者潘珊菊 发自北京 10月20日至23日，中国共产党第二十届中央委员会第四次全体会议在北京 召开。全会审议通过了《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》。 二是提升效益。我国固定资产投资年度规模已达到50万亿元，但惠民生、补短板、育动能等任务还很 重，必须把"钱"特别是政府资金更好地用在发展紧要处，花在群众生活上。对此，《建议》提出优化政 府投资结构，提高民生类政府投资比重，统筹用好各类政府投资，加强政府投资全过程管理等举措，将 更好地发挥政府投资的撬动作用，不断增进投资的综合效益。 三是畅通循环。有了统一大市场，才能畅通大循环。我国市场准入负面清单事项已从过去的328项减到 目前的106项，4200多件阻碍要素流动的政策举措得到清理，但还有不少堵点和卡点。对此，《建议》 提出统一市场基础制度规则，破除地方保护和市场分割，规范地方政府经济促进行为，统一市场监管执 法，综合整治"内卷式"竞争等举措，将更加有力有效地破除各种市场障碍，充分释放我国超大规模市场 红利。 强基增效，就是要构建现代化基础设施体系。我国已拥有全球规模最大的高速铁路、高速公路、港口、 邮政快递、电力、宽带等基础 ...

国家发展改革委党组书记、主任郑栅洁表示，中国经济靠实体经济起家，也要靠实体经济走向未来，全 会审议通过《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》，把"建设现代化产业 体系，巩固壮大实体经济根基"摆在战略任务的第一条，部署四方面重点任务，可以从"固本升级、创新 育新、扩容提质、强基增效"来把握。 新京报讯(记者姜慧梓)10月24日，中共中央举行新闻发布会，介绍和解读党的二十届四中全会精神。 ...

发改委主任郑栅洁：《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》把“建设现代化产业体系，巩固壮大实体经济根基”摆在战略任务的第一条，部署四方面重点任务，可以从“固本升级、创新育新、扩容提质、强基增效”来把握。 ...

Group 1: Economic Strategy and Goals - The emphasis on "historical initiative spirit" reflects a proactive approach to challenges, shifting from "responding to challenges" to "fighting risks and facing challenges" in the 15th Five-Year Plan[1] - The reaffirmation of "economic construction as the center" highlights its critical role in the upcoming five years, maintaining a focus on high-quality development[2] - The goal for 2035 includes achieving a per capita GDP of at least $20,000, implying a need for approximately 4.4% average annual growth over the next decade[3] Group 2: Industrial and Technological Development - The focus on the real economy and maintaining a reasonable proportion of manufacturing is crucial for building a modern industrial system[4] - The plan includes a shift towards advanced manufacturing, with new priorities such as aerospace and transportation, while emphasizing intelligent, green, and integrated development[4] - The call to "seize the high ground in technological development" indicates an increasing commitment to original innovation and key core technology breakthroughs[4] Group 3: Domestic Demand and Consumption - The strategy emphasizes expanding domestic demand, with a primary focus on boosting consumption and effective investment, aligning with previous plans[6] - The meeting indirectly addresses the issue of "involution" by highlighting the need to eliminate barriers to a unified national market[7] Group 4: Financial and Social Considerations - The meeting briefly mentioned real estate, focusing on promoting high-quality development in the sector, with further details expected in the full 15th Five-Year Plan[7] - There is a shift towards improving the income distribution system, indicating a focus on protecting legitimate income and regulating excessive income[7]

Group 1 - The core message of the article emphasizes the significance of the 15th Five-Year Plan, which aims to achieve high-quality development, enhance technological self-reliance, and deepen reforms during the critical period of socialist modernization [2][3][4] - The meeting highlighted the importance of maintaining a reasonable proportion of the manufacturing industry and building a modern industrial system centered on advanced manufacturing [4][6] - The plan outlines major goals for the next five years, including significant improvements in social civilization, quality of life, and national security [3][5] Group 2 - The focus on technological innovation and self-reliance is seen as a response to increasing global uncertainties and competition, particularly in high-tech sectors like semiconductors and artificial intelligence [6][7] - The plan is expected to contribute to global stability by promoting fair trade, infrastructure cooperation, and climate collaboration, positioning China's development as a model for other developing countries [8][9] - The emphasis on solidifying the foundation of the real economy indicates a shift towards a more practical development focus, which is crucial for job creation and social stability [6][9]

1. 公开市场操作 央行公告称， 10 月 23 日以固定利率、数量招标方式开展了 2125 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 2125 亿元，中标量 2125 亿元。 Wind 数据显示，当日 2360 亿元逆回购到期，据此计算，单日净回笼 235 亿元。 财政部 、 央行 10 月 23 日以利率招标方式进行了 2025 年中央国库现金管理商业银行定期存款（十期）招投标，中标总量 1200 亿元，中标利率 1.76% ，起息日 10 月 23 日，到期日 11 月 20 日。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场资金面仍维持平稳，存款类机构隔夜回购利率已在 1.31% 附近徘徊数日；匿名点击（ X-repo ）系统上，隔夜报价还报在 1.30% 。非银机构以 存单及信用债等抵押融入隔夜，报价亦连续多日维持在 1.40%-1.45% 区间。交易员指出，在央行呵护之下，市场流动性预期延续稳定乐观。短期内缴税影 响渐近，并与跨月叠加，资金难免有短暂收敛过程，但整体平衡偏松大局仍难改。 海外方面，最新美国隔夜融资担保利率为 4.23% 。 // 债市综述 / ...

Core Viewpoint - The Fourth Plenary Session emphasizes the construction of a modern industrial system and the consolidation of the foundation of the real economy, focusing on intelligent, green, and integrated development [1] Group 1: Economic Development Focus - The focus of economic development will be on the real economy, with an emphasis on maintaining a reasonable proportion of manufacturing [1] - The session aims to accelerate the construction of a manufacturing powerhouse, quality powerhouse, aerospace powerhouse, transportation powerhouse, and cyber powerhouse [1] Group 2: Industry Optimization and Growth - There is a commitment to optimizing and upgrading traditional industries while nurturing and expanding emerging and future industries [1] - The development of high-quality and efficient services is also a priority, alongside the construction of a modern infrastructure system [1]

Core Insights - The 20th Central Committee's Fourth Plenary Session outlined a development blueprint for the 15th Five-Year Plan, emphasizing the importance of economic and social development in China [1][3] Group 1: Achievements and Confidence - The summary of achievements during the 14th Five-Year Plan period has instilled confidence in businesses, highlighting China's economic resilience and potential amid complex international conditions [3][4] - The session emphasized the need to strengthen the domestic market and accelerate the construction of a new development pattern, focusing on expanding domestic demand and enhancing the interaction between consumption and investment [3][4] Group 2: Strategic Opportunities - The strategic deployment for the 15th Five-Year Plan period presents historical opportunities for businesses, particularly in focusing on the real economy and modern industrial systems [4] - The emphasis on intelligent, green, and integrated industrial directions provides clear guidance for businesses to transform and upgrade, encouraging increased R&D investment and collaboration [4] Group 3: Business Environment and Responsibilities - The session's focus on stimulating the vitality of various business entities and expanding high-level opening-up is expected to improve the business environment, making it more stable, fair, and transparent [4] - Companies are encouraged to align their development with national strategies, promote common prosperity, and engage in green development while fulfilling social responsibilities [4]

Core Points - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23, 2025, in Beijing, where a work report by Xi Jinping was discussed and the proposal for the 15th Five-Year Plan was approved [1] Economic Development - The session emphasized the construction of a modern industrial system, focusing on strengthening the real economy and promoting intelligent, green, and integrated development [2] - It highlighted the need to accelerate the establishment of a strong domestic market and create a new development pattern that enhances domestic circulation [4][5] Technological Innovation - There is a strong push for high-level self-reliance in technology, aiming to enhance the national innovation system and boost independent innovation capabilities [3] Market Economy - The session called for the establishment of a high-level socialist market economy system to enhance the momentum for high-quality development [6][7] International Cooperation - It stressed the importance of expanding high-level opening-up and creating a win-win cooperation environment, while promoting trade innovation and bilateral investment [8][9] Agricultural Modernization - The meeting underscored the importance of modernizing agriculture and rural areas, focusing on solving "three rural issues" and promoting urban-rural integration [10][11] Regional Development - There is a focus on optimizing regional economic layout and promoting coordinated regional development to enhance overall economic growth [12][13] Cultural Development - The session aims to stimulate cultural innovation and development, promoting socialist culture with strong ideological and spiritual influence [14] Social Welfare - It emphasized the need to improve people's livelihoods and promote common prosperity through various social policies [15] Environmental Sustainability - The meeting called for a comprehensive green transformation of economic and social development, aiming for carbon neutrality and ecological safety [16] National Security - There is a commitment to modernizing the national security system and enhancing public safety governance [17][18] Military Modernization - The session outlined goals for achieving high-quality military modernization and strengthening national defense capabilities [19][20]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The 4th Plenary Session of the 20th CPC Central Committee affirmed the work of the Political Bureau of the CPC Central Committee since the 3rd Plenary Session of the 20th CPC Central Committee and highly evaluated the major achievements of China's development during the 14th Five - Year Plan period. It also pointed out the risks and challenges in the 15th Five - Year Plan period, emphasizing that China's long - term positive fundamentals remain unchanged [1]. - Policies are set to prioritize the development of the real economy, with a higher priority on building a modern industrial system. Technological development leading to new quality productivity is crucial, and expanding domestic demand and developing new demands are strategic priorities. The meeting mentioned real estate in the livelihood section for the first time and continued to emphasize the active and prudent resolution of local government debt risks [2]. - The overall statement of the meeting met expectations. After the festival, the yield of the 10 - year bond declined and fluctuated around 1.8 - 1.85%. Historically, the bond market yield tends to fluctuate downward in the short - term after the meeting. Attention should be paid to Sino - US trade frictions, macro - data in Q4, and the possibility of reserve requirement ratio cuts and interest rate cuts. Also, the possible implementation of the new public fund fee regulations needs to be monitored [2]. 3. Summary by Related Directory 3.1前期回顾和当下形势判断 - The meeting affirmed the work of the Political Bureau since the 3rd Plenary Session of the 20th CPC Central Committee and highly evaluated the achievements in the 14th Five - Year Plan period. It noted that the 15th Five - Year Plan period will face risks and challenges, but China's economic fundamentals are stable, with many advantages, strong resilience, and great potential. The long - term positive trend remains unchanged, and the advantages of the socialist system, large - scale market, complete industrial system, and rich talent resources are more prominent [1]. 3.2各个方向政策如何定调 - **Real Economy and Industrial System**: Prioritize the development of the real economy and raise the priority of building a modern industrial system [2]. - **Technology**: Technology development leading to new quality productivity is of utmost importance [2]. - **Domestic Demand**: Expand domestic demand and develop new demands as strategic priorities [2]. - **Real Estate and Debt**: The meeting mentioned real estate in the livelihood section for the first time and continued to emphasize the active and prudent resolution of local government debt risks [2]. 3.3债市影响几何 - The overall statement of the meeting met expectations. The yield of the 10 - year bond declined after the festival and fluctuated around 1.8 - 1.85%. Historically, the bond market yield tends to fluctuate downward in the short - term after the meeting. Attention should be paid to Sino - US trade frictions, macro - data in Q4, and the possibility of reserve requirement ratio cuts and interest rate cuts. Also, the possible implementation of the new public fund fee regulations needs to be monitored [2].